Shares of the Basel, Switzerland-based company rose as much
as 9.7 percent to 130 Swiss francs, the highest price since
January 2011.

“Air freight was the big surprise to us,” William Foggon,
an analyst at Berenberg Bank in London wrote in a note to
clients today. “Panalpina delivered a huge outperformance of
expectations.”

Shipping companies are struggling as the countries sharing
the euro endure the longest recession since the currency was
introduced. Panalpina today forecast it may be able to
outperform the air freight industry, compared with an earlier
expectation of maintaining market share at best.

The shares traded 8.7 percent higher at 128.80 francs at
10:24 a.m. in Zurich, valuing the company at 3.1 billion francs
($3.3 billion). That brings the gain this year to 39 percent,
making the company the best performer on the 22-member Bloomberg
Europe Transportation Index.